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Global Economy

America’s Climate Free Fall

July 25, 2026 Robert Hunziker, Counter Punch. , , , ,
Climate tipping points are critical thresholds that trigger unstoppable shifts to another state. The global climate system is full of teetering tipping points that collectively threaten the climate system with radical change. But it’s the change itself, the transition to a tipping point, that is most chaotic. This is climate free fall in America today, dangerously exposing the country to risks overlooked by policy decision-makers. Climate free fall has been identified by Anders Kevernann, Potsdam Institute for Climate Impact Research, Germany, Professor of the Dynamics of the Climate System at Institute for Physics and Astrophysics: “The planet is heading for climate free fall, a period where increasingly erratic weather will stress global supply chains, spike insurance losses, and undermine the financial stability modern economies depend on.

To Imagine A New Development Theory From The Global South

July 17, 2026 Vijay Prashad, The Tricontinental Institute for Social Research. , , ,
In 2015, the United Nations Conference on Trade and Development (UNCTAD) published a paper by the influential economist Robert H. Wade titled ‘The Role of Industrial Policy in Developing Countries’. Wade argued that virtually all successful attempts at late industrialisation (such as in Japan and South Korea) used interventionist state policies to foster industrial development and technological upgrading. In 2024, almost a decade later, the United Nations Industrial Development Organisation (UNIDO) released its flagship report ‘Turning Challenges into Sustainable Solutions: The New Era of Industrial Policy’, which made the case that industrial policy is a key instrument for sustainable development.

Modern Abolitionist Movement Needed To Free 50 million Enslaved Globally

July 12, 2026 Roger McKenzie, People's World. , , ,
More than 50 million people around the globe are estimated to be in enslavement according to 2022 reports by the International Labour Organisation (ILO) and the United Nations. During the horrific transatlantic trade in African people from the 16th to the 19th centuries, more than 20 million African people were captured and enslaved by Western colonial powers. The difference in numbers is both stark and an indictment of modern-day society as much as it was on those involved and who benefited (and whose ancestors still benefit) from the transatlantic trade in humans. But why is enslavement still taking place and, it seems, still increasing?

The 2026 World Financial Crisis

May 21, 2026 Michael Hudson, Counter Punch. , , ,
Interest rates are rising as if this will simply compensate investors for the risk of inflation. The reality is that it will increase the economy’s inability to cope with the breakdown that is already in progress. The moral rationalization is to protect the purchasing power of creditor claims on debtors, as measured by the purchasing power of debt payments over consumer prices. The pretense is that creditors use their interest to buy goods and services. But already in the 18th century, critics of debt financing recognized that bondholders recycle most of their money into new loans.

Rallies Under Way As Workers Gather For International Labour Day

May 2, 2026 Al Jazeera, Portside. , , , ,
Workers are gathering in cities around the world to mark International Labour Day, with some demonstrations, such as those in Istanbul, Turkiye, turning to scuffles with police. Trade Unions are calling for solidarity and the protection of workers’ rights as the United States-Israeli war on Iran and rising energy costs raise concerns about the global economy. “Working people refuse to pay the price for Donald Trump’s war in the Middle East,” the European Trade Union Confederation, which represents 93 trade union organisations in 41 European countries, told the media.

Chris Hedges Report: Will The Iran War Cause A Global Depression?

May 1, 2026 The Chris Hedges Report. , , , ,
The global economic impacts of the American-Israeli war on Iran are already being felt, particularly in Asia, through shortages of fuel and other necessities, the closure of factories and the loss of jobs. We are now on a path heading for a global recession, or even worse, a global depression. To sort out what potentially lies ahead and the likelihood of preventing the worst outcomes, Chris Hedges speaks with economist Richard D. Wolff, professor emeritus at the University of Massachusetts-Amherst. Wolff begins the interview by discussing the weaknesses of the capitalist economic system.

A Primer On the Petrodollar And The War On Iran

April 17, 2026 Vijay Prashad, Tricontinental Institute for Social Research. , , ,
As you and I worry about how war and inflation will impact our families and nations, bond traders are fixated on the numbers on their screens, calculating what might happen to seemingly arcane financial instruments. Their job is to protect the treasure of the wealthy. For the past fifty years, the relative stability of the US dollar – above all as embodied in US Treasury securities – has rested in part on what is called the ‘petrodollar’ system. When petroleum prices are relatively stable, the costs of production and transport are more predictable, inflation is easier to contain, and the prices of bonds and other financial assets are less likely to swing wildly.

The Strait Of Hormuz, Gate To The Great Sea

April 10, 2026 Vijay Prashad, Tricontinental Institute for Social Research. , , , ,
In the thirteenth century, the great Arab geographer Yaqut al-Hamawi described the Sea of Persia (فارس) as ‘a branch of the Great Sea’. In his compendium, Mu’jem al-Buldaan (Dictionary of Countries), he wrote that through the Sea of Persia would ‘pass the ships of India, Oman, and Basra’. Hormuz was not the name of that sea but of a ‘great mart of trade to which merchants resort from India and other lands’. Centuries later, those waters would be called the Strait of Hormuz: a fifty-four–kilometre passage between the Sultanate of Oman’s Musandam Peninsula and the Islamic Republic of Iran.

‘Restraint Is Over’: IRGC Warns Washington

April 7, 2026 News Desk, The Cradle. , , , ,
Iran’s Islamic Revolutionary Guard Corps (IRGC) warned on 7 April that it will no longer restrain itself in responding to US-Israeli attacks on its energy and petrochemical infrastructure. “Restraint is over,” the IRGC said in its statement on Tuesday.  “We will act against US infrastructure and that of its partners in a way that will deprive the United States and its allies of the region’s oil and gas for years. Regional partners of the United States should know that, until now, we have exercised significant restraint out of good neighborliness and have taken considerations into account when selecting retaliatory targets, but from this point on, all such considerations have been lifted,” the statement added. 

How Accounting For War Became An Economic Tool

April 7, 2026 Arnie Saiki, Decolonize Accounting. , , ,
In Aesop’s fable of the Fox and the Stork, the fox invites the stork to dinner and serves soup in a flat shallow dish — a vessel perfectly suited to a fox’s tongue, while inconvenient for a stork’s long bill. The stork goes hungry. When the stork returns the invitation, the soup arrives in a tall narrow jar that only a beak can reach. The fox goes hungry in turn. Each host has set the terms of the meal, and those terms happen to suit the host. There is a moment buried in the official record of the System of National Accounts revision process that has this quality.

China-Panama Tensions Impact Maritime And Merchant Sectors

April 3, 2026 TeleSur, Orinoco Tribune. , , , ,
The escalating tension with China is affecting Panama’s merchant registry, one of the largest in the world. The Panamanian maritime sector proposes to address this situation by proactively resolving any deficiencies that ships flying the Panamanian flag may present. The Panamanian government has acknowledged an increase in the detention of Panamanian-flagged vessels in Chinese ports, a phenomenon that coincides with a period of bilateral tension stemming from the withdrawal of a Chinese company from operating two ports near the Panama Canal.

South Asia In Severe Economic Crisis Due To US-Israeli War On Iran

March 31, 2026 Abdul Rahman, People's Dispatch. , , , , ,
The US-Israeli war on Iran began over a month ago. The attacks by the US and Israel have killed over 2,000 Iranians, displaced tens of thousands, and targeted Iran’s civilian infrastructure like schools, hospitals, and recreation centers. Casualties from Iran’s retaliatory attacks have also been reported in the neighboring Gulf states and in Israel. But beyond the direct death and destruction, the war has had global impacts, causing a dramatic increase in the price of crude oil, effectively shaking up the entire economy. The neighboring South Asia region has been the primary recipient of the knock-on impacts of the war.

The War On Iran Is Transforming The Global Economy

March 29, 2026 Ben Norton, Geopolitical Economy. , , ,
The US-Israeli war on Iran is transforming the geopolitical order, and could even unleash a global economic crisis. The conflict has caused the largest oil shock in history, disrupting global markets and driving up fuel and food prices. To better understand the implications for the world, Geopolitical Economy Report editor Ben Norton interviewed economist Michael Hudson, who discussed how Iran is challenging US dollar dominance and undermining Washington’s control over the global oil market, which has been a key pillar of US foreign policy.

Worse Than 2008?

March 21, 2026 Richard Heinberg, Resilience. , , , ,
Several commentators have remarked that the United States’ war on Iran carries echoes of 2008. I’ll argue here that a potential financial crash this year could actually be much worse. The Global Financial Crisis (GFC) of 2008 was the biggest economic crunch since the Great Depression. Unemployment surged, topping 10 percent in the US. Global stocks lost trillions of dollars in value. Major brokerage houses collapsed. The US auto industry only survived thanks to enormous government bailouts. How could another crash top that?

How Iran And China Shaped The War Chessboard

March 19, 2026 Pepe Escobar, The Cradle. , , , ,
China is officially responding on two parallel tracks to the Epstein Syndicate – or US-Israeli – war on Iran via a diplomatic spokesman and a military spokesman.  Translation: China sees the war both as an extreme political/diplomatic tension and a military threat.  China’s military spokesman, a People's Liberation Army (PLA) colonel, speaks with metaphors. It was he who said explicitly that the US is “addicted to war”, with only 250 years of History and only 16 years of peace.  He clearly positions the US as a global threat. And clearly, also as a moral (italics mine) threat.
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